Gas prices—and therefore oil prices—wield a tight grip on the American consumer psyche. No other commodity’s prices are tracked so closely, advertised so prominently, and hold such significance in the minds of the American people as gas prices. It is also a market few people understand.
When gas prices are low, people are pleased, or at the very least do not complain about gas prices. But when gas prices are……
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Rising Dough
Who controls oil prices? Is there anything weird about why oil prices are high now?
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Buyers and Sellers aka the consuming market controls the gas/oil prices. Also it’s not necessarily weird about how the prices are high. Political issues can effect the economic issues such as Russia invading Ukraine.
The gas station and the people who get gas are controlling it not literally but if there is a lot of demand for gas the price will go up and if there is not such a high demand prices will be back down
Gas prices, and the associated oil prices, are a solid grasp of American consumer sentiment. The prices of other commodities are not so closely monitored, they are prominently advertised, and are as important as gas prices in the minds of the American people. It is also a market that is poorly understood.